Banker and Marine veteran Richard V. Spencer was sworn in as the 76th secretary of the Navy Thursday in a quiet early morning ceremony at the Pentagon, officials said, less than 48 hours after he was confirmed by the Senate in a late-night session Aug. 1.
Spencer most recently served for a decade as the managing director of Fall Creek Management, a management consulting company in Wilson, Wyoming. Prior to that, according to a biography provided by officials, he worked on Wall Street for 16 years in roles centered on investment banking.
He has held numerous board of directors posts at private organizations, including the Marine Corps Heritage Foundation, where he serves as vice chairman. He has also served the Pentagon as a member of the Defense Business Board and as a member of the Chief of Naval Operations Executive Panel.
After graduating from Rollins College in 1976 with an economics degree, Spencer spent five years in the Marine Corps, working as a CH-46 Sea Knight pilot.
According to service records obtained by Military.com, he was stationed at Marine Corps Air Station Santa Ana, California. While his awards include a Sea Service Deployment Ribbon with one star, his records are incomplete and do not indicate where he deployed.
Spencer left the Marines in 1981 to work on Wall Street, but remained in the Reserves, where he was eventually promoted to captain.
He received few challenges at his confirmation hearing before the Senate Armed Services Committee in July, where he was introduced and warmly endorsed by former Navy secretary and U.S. senator John Warner.
He indicated a desire to apply his business knowledge to help manage growing personnel costs that continue to challenge the Pentagon.
Spencer was the second nominee for the post put forward by the Trump administration. The first choice, financier and Army veteran Philip Bilden, withdrew from consideration early this year, citing difficulties divesting his financial interests in order to take the position.
After previous Navy secretary Ray Mabus left the position in January when Trump took office, Sean Stackley, the Navy's assistant secretary for research, development and acquisition, had served in the role.
A spokesman for the office, Capt. Pat McNally, said Stackley resumed his previous title after Spencer was sworn in but has not announced any future plans.